Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 12-Month High – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.75 and last traded at $85.1230, with a volume of 827373 shares traded. The stock had previously closed at $84.12.

Analyst Upgrades and Downgrades

CM has been the subject of a number of analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.6%

The company’s fifty day simple moving average is $81.14 and its two-hundred day simple moving average is $74.00. The company has a market capitalization of $80.93 billion, a price-to-earnings ratio of 14.72, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 EPS. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were given a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Monday, September 29th. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. grew its position in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank’s stock valued at $17,724,000 after purchasing an additional 15,867 shares in the last quarter. Cerity Partners LLC lifted its position in Canadian Imperial Bank of Commerce by 110.7% during the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank’s stock worth $1,833,000 after buying an additional 17,103 shares in the last quarter. J. Safra Sarasin Holding AG acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $2,221,000. Allianz Asset Management GmbH grew its holdings in shares of Canadian Imperial Bank of Commerce by 13.7% in the 1st quarter. Allianz Asset Management GmbH now owns 78,376 shares of the bank’s stock valued at $4,408,000 after acquiring an additional 9,426 shares in the last quarter. Finally, CenterBook Partners LP acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at about $1,331,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.